Exterior Repairs Needed For Condo- who is responsible??

[amoosa17]

What is the name of your state? NJ

I am planning to purchase a condo and had an inspection done. The inspection noted that there were an abandoned oil tank, an unstable chimmey, and improper installing of the (interior) plumbing system. Because it is a six-unit condo, I feel that the seller should repair the defects or reduce the purchase price. I have a clause in the contract that states " if an structual defects or environmental contaminants are found...seller will notify the buyer whether or not seller will corect defects, remove containments...or the buyer may cancel this contract." Can I back out on the contract if the seller choses to do nothing? Is it the seller's responsibilty if the defects are in the common areas/exterior of the building?

Thank you.

 

[HomeGuru]

What is the name of your state? NJ

I am planning to purchase a condo and had an inspection done. The inspection noted that there were an abandoned oil tank, an unstable chimmey, and improper installing of the (interior) plumbing system. Because it is a six-unit condo, I feel that the seller should repair the defects or reduce the purchase price. I have a clause in the contract that states " if an structual defects or environmental contaminants are found...seller will notify the buyer whether or not seller will corect defects, remove containments...or the buyer may cancel this contract." Can I back out on the contract if the seller choses to do nothing?

**A: yes, and you should.
*******
Is it the seller's responsibilty if the defects are in the common areas/exterior of the building?

**A: no, but it is the Seller's responsibility to notify the HOA to repair such defects.
*******

Thank you.

**A: welcome.....